Peter Smith
⬤ Tesla is heading toward a major support level as the spot where Elon Musk picked up $1 billion in TSLA shares at $389.40. That price nearly matches the lower edge of Tesla's long-term rising channel on the daily chart. TSLA is currently trading around $404, drifting closer to the same trendline that triggered bounces earlier this year.
⬤ The chart shows Tesla moving inside a clean ascending channel since spring, with two previous "buy" signals appearing near the lower trendline in April and mid-September. After tagging the upper boundary recently, TSLA reversed sharply and is now approaching a high-volume node visible on the volume profile. Momentum has cooled off too—RSI dropped from overbought levels down to around 42, showing clear weakness.
⬤ That the $389–$390 area is worth watching next week because it's rare to see Musk's buy price line up perfectly with a structural trendline that's been guiding the stock all year. The current pullback is bringing TSLA right back to this zone, where past reactions have set the tone for what comes next.
⬤ This matters because TSLA has respected this rising channel for months, and trendline tests like this tend to shape sentiment and technical positioning. A solid hold near $389 could reinforce confidence in Tesla's trend, while a break below would put focus on the lower-volume zones shown on the chart. With Musk's $1 billion buy level overlapping long-term support, the next few sessions could decide where Tesla heads for the rest of 2025.
Peter Smith
